UK Property Fund

UK Property Fund
Note: All figures as at 30 June 2015.
This document is solely for the use of professionals and is not for general public distribution.
Who we are
TH Real Estate is an established investment management company, specialising in real estate
equity and debt investment worldwide. With a dedicated global presence, including offices
across Asia, Europe and the US, we manage £55.3bn (c.$86.6bn) of real estate assets across
c.50 funds and mandates. By combining a global perspective with our dedicated local expertise
in real estate, we work hard to deliver innovative investment solutions for our clients.
UK Property Fund
The UK Property Fund offers investors immediate access to the UK property market through
a diversified and income-producing portfolio.
The Fund invests in all forms of commercially rented
investment property throughout the UK. The investment
style is geared towards acquiring assets with active
enhancement opportunities and potential to deliver
outperformance, irrespective of market fluctuations.
The principal method of investment is through direct acquisition,
however, the Fund may invest through a range of conduits,
including unlisted property funds, listed securities and property
derivatives. Risk is managed through a number of investment
restrictions, which are designed to protect investors.
At a micro-level, there is a strong focus on protecting
the Fund’s security of income and targeting higher-income
direct investments. The Fund is committed to delivering its
asset management initiatives in the portfolio, such as those
at Winchester, Feltham, Guildford and Putney which are now
starting to reach their value-creation stage.
The Fund has performed well during
the first half of 2015, delivering a
strong total return of 8.8%. We
remain optimistic that the Fund’s
projects at Feltham, Guildford, Putney
and Winchester will significantly
contribute to performance over the
next 12 months.
David Pearce
Fund Manager
Note: Past performance is not a guide to future performance.
UK Property Fund
3
£185m
(c.$290m) GAV
25
properties
c.220
Key features
tenants
TARGET SECTOR
UK commercially-rented investment property
FUND TERM
Open-ended (launched 1994)
TOTAL GAV
£185m (c.$290m)
TARGET GEARING
Low to moderate
NO. OF TOTAL DIRECT ASSETS
25
MINIMUM SUBSCRIPTION
£100,000 (c.$160,000)
AVERAGE SIZE OF DIRECT ASSETS
£6.2m (c.$9.7m)
MANAGEMENT FEE
0.6% of NAV base fee
FUND STRUCTURE
Jersey Unauthorised Property Unit Trust
PERFORMANCE FEE
0.2% of NAV for 2nd quartile performance;
plus 0.3% of NAV for 1st quartile performance
CURRENCY
Sterling
FUND MANAGER
David Pearce
The Fund’s objective is to exceed the Median Fund in the All Balanced Funds
component of the AREF/IPD UK Quarterly Property Fund Index on a rolling
three-year basis.
Bretby Business Park, Bretby
Forum House, Redhill
4
UK Property Fund
UK Property Fund
5
Key features (continued)
Delivering performance
Tenant credit rating (% of gross rental income)
6.4%
Geographic weighting (%)
3.1%
Fund performance - Relative Fund vs Benchmark (three-year rolling)
6.6%
20
2.3%
3.7%
2.3%
8.5%
16.0
15.9
31.5%
15
6.2%
16.0%
2.8%
11.2
2.9%
57.6%
11.2
% 10
9.0
8.8%
10.9%
2.6%
27.8%
8.6
5.4
5
Key
Negligible
Low
Key
London
Med-High
Maximum
High
Unscored/Ineligible
Low-Med
3.3
Eastern
North West
Wales
South East
West Midlands
Yorks & Humber
Scotland
South West
East Midlands
0
Source: IPD, IRIS, June 2015
Source: TH Real Estate, June 2015
3 months
Key
Fund total return % Fund sector weightings against Benchmark (%)
12 months
3 years
5 years
Benchmark total return %
Source: TH Real Estate, IPD, 30 June 2015
Note: Post-performance fee returns as at 30 June 2015.
35
31.8
30
The Fund has delivered several years of strong performance, which is a true testament
to its value-add strategy and bottom-up approach to asset management.
25
15
20.3
20.0
20
18.3
14.4
14.3
13.2
15.8
10.1
10
8.8
5.0
4.5
5
Note: Past performance is not a guide to future performance.
18.0
4.7
0.7
0
0
Standard
retail
Key
Fund
Shopping
centres
Retail
warehousing
London
offices
Other
offices
Industrials
Other
Cash
Benchmark
Source: IPD, TH Real Estate, June 2015
Argyle Street, Glasgow
6
UK Property Fund
UK Property Fund
7
Fund portfolio
Development pipeline
1.Napier Square,
Livingston
11.The Causeway,
Bishop’s Stortford
Charringtons House,
Bishop’s Stortford
Nasmyth Court,
Livingston
Cochrane Square,
Livingston
12.Purley Way,
Croydon
2. Argyle Street,
Glasgow
13.Broad Street,
Reading
3.Foss Island,
York
14.Chertsey Street,
Guildford
Feltham
4.Chesford Grange,
Warrington
15.Pier Road Industrial
Estate,
Feltham
Units 1-5 at Pier Road Industrial Estate were acquired in August 2013 for £3.7m ($5.8m),
reflecting a low capital value of £969 ($1,517) per sq m. This multi-let industrial property
consisted of five dilapidated terraced units, two of which were occupied on leases outside of
the Act. The business plan was to refurbish and reconfigure the asset into two c.20,000 sq ft
(1,858 sq m) units. This would capitalise on the increasing shortage of quality warehousing
with secure yards in this Heathrow location. It would also reposition the property in the
market to an institutional standard. The investment presented an ideal opportunity for the
Fund to implement its proven and successful bottom-up approach to asset management. The
refurbishment project completed in November 2014, on time and within budget. Interest from
potential occupiers remains strong and we are confident the property will be let during
H2 2015.
5.Berkeley Centre,
Sheffield
6.Dunelm Building,
Birmingham
1
2
The Fund prides itself on active value-add management and has a number of exciting
initiatives which provide the opportunity to continuously drive performance.
16.King Street,
Hammersmith
7.Marconi Courtyard,
Corby
17.Southwark Bridge
Road,
London
8.Futura House,
Milton Keynes
18.Queensway,
Crawley
9.Bradwell Abbey,
Milton Keynes
19.158-160 & 163-165
High Street,
Winchester
10.Dunleavy Drive,
Cardiff
20.Friarsgate Surgery,
Winchester
21.Forum House,
Redhill
22.Blades Court,
Putney
3
4
23.16-17 Parham Drive,
Eastleigh
5
6
7
Retail warehouses
Retail units
8
9
10
Key
Offices
Industrials
Other
11
13
17
15 1216
14
20
21
19 2218
23
Source: TH Real Estate, 30 June 2015
8
UK Property Fund
UK Property Fund
9
Guildford
The Fund purchased a portfolio of four separate
office buildings, located in the affluent town centre of
Guildford, in July 2014 for £3.4m (c.$5.3m), reflecting
a capital value of £2,714 (c.$4,249) per sq m.
The aim was to create a new residential scheme
surrounding an attractive courtyard.
The site is in an ideal location for town centre
dwellings with excellent transport links, and is
adjacent to the High Street retail pitch, which will
be a key attraction for the target market. The
residential market continues to strengthen in
Guildford, with prices exceeding £5,920 (c.$9,268)
per sq m. With limited supply in the pipeline, we
believe the project will deliver an attractive return
over the hold period.
Since purchase, permitted development from office
to residential has been achieved on three of the
buildings, creating 22 residential units. A full planning
application on the remaining office will be submitted
in due course, pending surrender discussions with the
existing occupiers. The intention is for Phase 1 to start
on site in H2 2015.
10
UK Property Fund
UK Property Fund
11
Winchester
The Fund acquired the site known as the Silver
Hill development in December 2010, from the
Administrators of Thornfield Properties at a
substantial discount of c.£3.5m ($5.5m).
Having navigated through the Compulsory Purchase
Order (CPO) enquiry, the Secretary of State for
Communities and Local Government subsequently
confirmed the CPO. This allowed the Fund to move
away from the traditional investment valuation to a
residual development, creating immediate upside. It
is an exciting development opportunity in the centre
of an historic and affluent market town, which has
a strong residential market and a significant lack of
modern retail space. The scheme’s revised planning
consent was approved in December 2014.
With 129,166 sq ft (c.12,000 sq m) of retail, the Fund
has already signed an agreement for a lease with
Sainsbury’s Plc for c.18% of this space. We are close
to finalising Heads of Terms with two potential
joint venture partners for this mixed-use development
scheme, and will look to enter into a contractual right
during 2015.
12
UK Property Fund
UK Property Fund
13
Case studies
Blades Court, Putney
The Fund completed the off-market
purchase of Blades Court, Putney, in March
2015 for £6.53m (c.$10.2m), reflecting
£509 (c.$797) per sq ft. Blades Court is
a purpose-built office complex in South
West London, comprising 12,823 sq ft
(1,191 sq m), arranged over six buildings.
The average passing rent at the property
is below £20 (c.$31) per sq ft, and
therefore offers the Fund strong rental
14
UK Property Fund
Bretby Business Park, Bretby
growth prospects in the future. The
supply of office accommodation in the
vicinity has diminished, due to Permitted
Development Rights putting further
upward pressure on rental levels. Current
market rents are in excess of £40 (c.$63)
per sq ft. The lease expiry profile of the
property allows the Fund to capture the
majority of this upside over the next
12 months.
The business plan for the asset is
focused on the property’s existing
use, although residential conversion
is a possibility and will be considered.
Residential values in the area are in
excess of £1,000 (c.$1,565) per sq ft.
This 33 acre business park was
purchased in 2005, and comprises
a mix of office and industrial buildings,
with a total floor area of 329,375 sq ft
(30,600 sq m), of which 30% was vacant
on acquisition. The park also includes
seven acres of development land.
A £5m (c.$7.8m) refurbishment scheme
has significantly improved the building
stock, common areas and landscaping,
bringing space that was previously in
a semi-derelict state back into use.
The initiatives have created an
environment that occupiers are proud
to work in, and has resulted in dramatic
results. In addition, a new 34,186 sq ft
(3,716 sq m) industrial unit was completed
in November 2009, having been pre-let to
a new occupier.
During the Fund’s ownership of
the business park, all major asset
management initiatives were completed,
including reducing the vacancy rate to
7% and increasing the property’s income
by 600%. The asset was finally sold in
H1 2015, crystallising an annualised IRR
of c.18%*.
*Source: TH Real Estate, February 2015
Note: Past performance is not a guide to future
performance.
UK Property Fund
15
Case studies (continued)
Southwark Bridge Road, London
6/7 High Street, Oxford
The property was purchased by the Fund
in June 2010 for c.£5m (c.$7.8m),
with a business plan of either securing a
letting to a fashion retailer or agreeing
a lease renewal with one of the existing
tenants, who had a lease expiry in
June 2011. Subsequently, a surrender
was agreed with all the tenants and a
comprehensive reconfiguration project
was undertaken.
The redevelopment project created
one of the best configured retail units
16
UK Property Fund
in Oxford for a total capital expenditure
of c.£970,000 (c.$1.5m), including
surrender premiums and statutory
compensation payments.
With significant tenant demand for this
unit from premium high street retailers,
the Fund secured Jack Wills at a rent of
£475,000 (c.$743,598), per annum which
represented an increase of c.78% on the
previous combined rent of £266,000
(c.$416,415) per annum.
When the property was marketed
for sale in November 2012, there was
strong institutional demand and it was
subsequently sold for £9.3m (c.$14.6m).
Adopting the valuation immediately
preceding the commencement of the
development project, the project
provided an IRR of c.28%*.
*Source: TH Real Estate, December 2014
Note: Past performance is not a guide to future
performance.
115 Southwark Bridge Road was purchased in July 2011.
The property offers the Fund exposure to an exciting
sub-market in the central London office market, with
strong rental growth prospects, given the supply and
demand imbalance.
Since purchasing the asset, we have carried out various
lease events to grow the rent in the building by over
30%, which has resulted in the asset increasing in value
by c.70%. This is a strong testament of the Fund team’s
asset management capabilities. We believe there is still
further performance to come from this asset as the
office market in Southwark continues to evolve.
UK Property Fund
17
Responsible property management
Is there still value in the UK value-add space?
Our Responsible Property Management programme is implemented across the UK Property
Fund portfolio, monitoring landlord-supplied energy, waste and water consumption on a
quarterly basis.
Back in early 2013, our Research team wrote a paper highlighting the virtues of the UK
value-add space, arguing that whilst at that time investor sentiment was rather fragile and
largely risk averse, this segment of the market was wrongly deemed as secondary and had the
potential to deliver prime returns when fundamentals inevitably improved. Two years later,
with the economy performing solidly and All Property capital values having rallied 17%
cumulatively, given a marked and broad-based improvement in UK investment volumes and
pricing, is there still value in this space?
Responsible property
management
Benchmarking performance
Influencing the industry
Environmental performance continues
to be strengthened across the Fund,
by working closely with our property
managers. Year-on-year utility savings
have been made at the Berkeley Centre
and Charrington’s House, building on the
strong progress made in previous years.
We also monitor and encourage relevant
environmental and social initiatives
that support tenant retention, cost
reductions, current and future regulatory
compliance, and place making.
The Fund was ranked 14th in its
peer group out of 39 UK diversified
Funds in the 2015 Global Real Estate
Sustainability Benchmark (GRESB).
It outperformed its peer group for
sustainability management, policy and
disclosure, and energy, water, waste
performance. GRESB is the leading
sustainability benchmark for property
investors and has grown substantially
to 707 participants with a combined
property value of c.$2.3tn.
The best way to transition towards a
more sustainable built environment is
through collaboration and engagement
with others. We participate in the
British and International Councils
of Shopping Centres’ sustainability
groups, Institutional Investors Group
on Climate Change (IIGCC) property
working group, Association of Real
Estate Funds Environmental & Social
Governance Committee, the Better
Buildings Partnership and the Green
Property Alliance.
We also benchmark the environmental
performance of key UK assets against
the BBP Real Estate Environmental
Yes, although sourcing appropriate opportunities will be more
challenging. Assumed future return projections need to reflect
the swiftness and steep recovery of market valuations, which
are well ahead of consensus projections, given the strength of
the economic rebound and relative attractiveness of real estate
versus alternative asset classes. 2014 delivered the strongest
year of commercial real estate performance since 2006, with a
weight of domestic and overseas capital helping propel double
digit capital expansion and returns of 18%, according to the IPD
Quarterly index. A notable trend has been improved confidence
outside of London and far more acquisitions beyond purely
prime assets. Pricing, in comparison, has looked attractive and
early signals of an improvement in occupier demand exists.
This has led to concerns that the investment market, buoyed by
ultra-low borrowing rates, has returned to the pre-crisis pricing
levels. Whilst this may be true for some sectors of the market,
namely the core central London office and retail markets that
continue to benefit from substantial rental growth, this is not
the case at the national level, or more specifically, across many
sub-sectors. The All Property capital value and rental index
still remains at 20%, and 3% below the mid-2007 peak, and
regional offices, retail and industrials still look extremely
attractive on an historic basis.
Benchmark (REEB).
The UK commercial real estate market,
from a pricing, occupier and investor
confidence perspective, has changed
fundamentally in twelve months. Buoyed
by a strong economic story, healthy
risk-adjusted returns are still achievable.
By rolling-out our Responsible Property Management
programme, we continue to drive sustainability improvements
across the Fund. Throughout 2014, year-on-year utility savings
were made at the Berkeley Centre and Charrington’s House,
building on the strong environmental performance progress
made in previous years. Toughening market and legislative
environmental drivers continue to reinforce the pivotal role
that our programme plays in protecting asset value.
Michael Keogh
Associate Director of Research & Strategy
Jenny Pidgeon
Head of Sustainability
18
UK Property Fund
UK Property Fund
19
19
Is there still value in the UK value-add space? (continued)
So what do we expect for 2015?
Do healthy real estate returns without taking
unnecessary risk still exist?
With 10-year bond yields and five-year swaps finishing 2014
In short, most definitely. The market recovery may have
been more immediate than initially envisaged, but with wider
property market pricing still notably short of past traditional
levels, opportunities for experienced investors remain.
The path and timing of improved property returns has, to
date, been very location and asset-specific, and whilst this is
unlikely to change dramatically, good assets in tier 2/3 cities
in the UK, unpinned by solid fundamentals, remain attractively
priced. They are also aided by the fact that they lie outside
of global capital flows, even though UK institutions have been
active. As such, good market relationships and partnerships
with developers, agents, local authorities, private, and
institutional players are essential to source attractive
value-add opportunities. This approach isn’t without risks,
however, given potential occupier and structural market
demand shifts. The key will be to find assets that are not
over-rented and in markets where the supply/demand angle
will be beneficial to the secondary market. Development
activities have and still remain muted, so established markets
and existing stock can deliver performance with appropriate
and co-ordinated asset management. Investor competition will
be fierce, but as with progress through this market cycle, the
ability to reposition an asset and drive income expansion will be
the defining component of strong, value-add like performance.
at 1.8% and 1.4% respectively, and set to remain ultra-low
for a prolonged period, given on-going loose monetary policy
in a low inflationary world, property is set to continue to win
admirers in what remains an income deprived comparable
asset backdrop. A further sharpening in prime and good
secondary yields is likely, as shown by current competition to
deploy capital and the spread over record-low UK gilts, whilst
the gap between prime and secondary asset pricing should
also further compress as the market cycle develops and risk
aversion wanes. This market momentum should ensure that
the UK commercial real estate delivers another double-digit
return in 2015. The scale of this ‘front-loaded’ performance will
eat into medium-term performance, but given assumptions of a
return to rental growth and a shallower bond curve, the relative
return expectations for real estate look set to remain attractive.
2014 year-end valuation and rental tone versus June 2014
Equivalent yield spread, basis points
All Property
Office West End
Office Midtown
Standard Retail South East
Office City
Industrial South Eastern
Standard Retail Rest UK
Industrial UK
Meet the team
David Pearce
Martin Perry
Mark Carpenter
Fund Manager
Director of Development
Director of Investment
As Fund Manager of the UK
Property Fund, David is responsible for
overseeing all investment, development
and asset management activities for
the Fund. He has over 10 years of real
estate experience.
Martin specialises in large-scale,
retail-led, mixed-use development,
and is responsible for management
of developments in the UK and across
mainland Europe. Martin is leading the
Fund’s development in Winchester.
Mark has over 40 years’ experience in
the real estate industry. As Fund Director,
he advises on strategies and manages
client relationships.
Prior to joining TH Real Estate in
2014, David was a Director at CBRE
Global Investors, where he gained a
wide breadth of experience working
on the property fund management
of a number of the firm’s segregated
pension fund accounts. David also
took part in the CBRE Global Investor’s
Global Transfer Programme and spent
seven months in the Head Office in
Los Angeles working on the Strategic
Partners Fund Series, where he was
involved in transactional work and
implementing asset management
initiatives. David started his career
as a Surveyor at Savills.
He joined the company in 2006 as a
Development Manager, following a
career in architecture, master-planning
and development, after studying and
tutoring at Oxford. Over his career, he
has been responsible for taking over
12.9m sq ft (1.2m sq m) of retail-led
floorspace through the planning system,
as well as working on the delivery of
three shopping malls and numerous
individual buildings, both in the UK and
internationally.
David has a MA in Real Estate from
Reading University. He graduated from
the University of the West of England
in 2002 with a BA (Hons) degree in
Business Studies. He is a member of the
Royal Institution of Chartered Surveyors.
Martin has over 20 years’ experience
in real estate and has worked on the
master-planning and development
management of two new town centres,
numerous city extensions and
regeneration projects as well as several
retail refurbishment projects in the UK.
He has specialised throughout his
career on retail-led mixed-use with a
particular focus on financially and
socially sustainable environments. He
is a member of the British Council of
Shopping Centres and is a Chartered
Architect.
T: +442037278254
E: david.pearce@threalestate.com
T: +442037278185
E: martin.perry@threalestate.com
Office Rest South East
Office Rest UK
-50
Key
Rental value
-40
-30
-20
-10
0
10
20
Mark has been with the company
for almost 25 years, the first 20 years
of which he was a Fund Manager.
He has a strong track record of
delivering investment performance
and was responsible for managing
several pension funds and life
company property portfolios, as well
as international pooled funds in both
Europe and Asia. Prior to joining the
company in 1990, he spent 17 years at
a private practice providing valuation
and investment advice.
Mark has an honours degree in Estate
Management from Reading University.
He is a Fellow of the Royal Institution
of Chartered Surveyors and is
approved by the FCA (UK) and GFSC
(Guernsey).
Cap value
Source: IPD Quarterly Index, December 2014
20
UK Property Fund
T: +442037278126
E: mark.carpenter@threalestate.com
UK Property Fund
21
Meet the team (continued)
Contact us
Victoria Sharpe
Global Head, Client Capital Group
T: +12129164293
E:victoria.sharpe@threalestate.com
Jeroen Winkelman
Managing Director,
Client Capital Group, EMEA
T: +442037278124
E:jeroen.winkelman@threalestate.com
Alex Williamson
David Elliott
Jenny Pidegon
Fund Analyst
Finance Manager
Head of Sustainability
Alex is responsible for the Fund’s portfolio
and investment analysis, portfolio and
asset modelling and forecasting, and
investor reporting.
David is responsible for all of the
Fund’s financial matters, including
the production of monthly and
quarterly accounts, presentation
of the quarterly finance figures to the
Boards and production of the year-end
and interim reports and accounts. He
is also responsible for any taxation
and general accounting issues.
Jenny coordinates all aspects of our
sustainability strategy, working with
internal and external stakeholders to
promote the active management and
integration of environmental, social and
governance principles across our core
business and investment activities. Her
responsibilities include the development
and implementation of our Responsible
Property Investment and Corporate
Sustainability programmes.
Prior to joining the company in 2010,
Alex worked for Schroders’ Research
team in London, and as an Assistant
Fund Manager in Jersey, assisting with
the day-to-day management of two
funds with assets under management
totalling £1.5bn (c.$2.3bn).
Alex has a 2.1 in Economics and Business
Economics from the University of
Southampton. He has also passed the
IMC and the CFA Level 1 exam.
David joined the company in 2008 and
has c.20 years’ experience. His previous
roles were at DTZ, Jones Lang LaSalle
and Capital & Regional.
David is a Fellow of the Association of
Chartered Certified Accountants (FCCA).
Laura Barstow
Director, Client Capital Group, Europe
T: +442037278110
E:laura.barstow@threalestate.com
threalestate.com
contact@threalestate.com
@THRealEstate14
Jenny represents the company on
industry forums including the Better
Buildings Partnership, IIGCC property
working group and AREF Environmental
& Social Governance Committee - whom
she represents on the Green Property
Alliance - and she contributes to industry
initiatives including GRESB (Global Real
Estate Sustainability Benchmark) and
MSCI’s EcoPAS.
Jenny joined the business in 2011 from
Upstream Sustainability Services. She
holds a MA (MProf) in Leadership for
Sustainable Development from Forum
for the Future and Middlesex University.
T: +442037278225
E: alex.williamson@threalestate.com
22
UK Property Fund
T: +442037278142
E: david.elliott@threalestate.com
T: +442037278187
E: jenny.pidgeon@threalestate.com
UK Property Fund
23
THE NUMBER OF EUROPEAN
CITIES IN THE WORLD’S
TOP 50 CITIES BY GDP WILL
DECREASE FROM 11 IN 2010, TO
4 IN 2030, BUT WHICH WILL
REMAIN IN THE TOP 10?
LONDON AND PARIS ARE
EXPECTED TO BE RANKED
FOURTH AND SIXTH BY GDP
RESPECTIVELY IN 2030.
We have the answers.
TH Real Estate delivers unique investment solutions today,
by focusing on the structural trends that will shape real estate tomorrow.
We are in touch with Tomorrow’s World.
threalestate.com/tomorrows-world
Source: Oxford Economics, 2014.
This document is intended solely for the use of professionals and is not for general public distribution. All information as at 30 June 2015 and sourced to
TH Real Estate unless otherwise stated. Past performance is no guide to future performance. The value of an investment and the income from it can fall as well
as rise and you may not get back the amount originally invested. Nothing in this document is intended to or should be construed as advice. This document is not a
recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. Any investment will be made
solely on the basis of the information contained in the Prospectus or offering documents (including all relevant covering documents), which will contain investment
restrictions, risks and fees. This document is intended as a summary only and potential investors must read the Prospectus or other relevant offering document
before investing. This document is not directed at or intended for any person (or entity) who is citizen or resident of (or located or established in) any jurisdiction
where its use would be contrary to applicable law or regulation [or would subject the issuing companies or products to any registration or licensing requirements].
TH Real Estate is name under which Henderson Real Estate Asset Management Limited provides investment products and services. Issued by Henderson Real Estate
Asset Management Limited (reg. no. 2137726), (incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London EC2M 3BN)
which is authorised and regulated by the Financial Conduct Authority to provide investment products and services. Telephone calls may be recorded and monitored.
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